Scottish Premiership side Rangers has "begun legal action" against former CEO Charles Green and Sports Direct Owner Mike Ashley, according to Andrew Douglas of THE NORTHERN ECHO. The club is "also suing" former directors Imran Ahmad, Brian Stockbridge and Derek Llambias as well as Ashley's SportsDirect.com Retail Ltd. business. It is understood that the action centers on the club’s claims that Green and the other former board members "did not fulfil" their "fiduciary duties" during their stint in charge at the club. Green stepped down as CEO in '13 while Ahmad served between June '12 and April of the following year. Former Finance Dir Stockbridge resigned from his post in Jan. '14 (THE NORTHERN ECHO, 8/12). The BBC reported the deals which the club is objecting to include an Oct. '12 agreement "in which the directors allowed Sports Direct to have the naming rights to Ibrox Stadium." The club believes that the naming rights "were given to Sports Direct at a price well below their true market value." In Nov. '14, the club "also entered into a Partnership Marketing Agreement with Sports Direct which allowed the business advertising space at Ibrox." The club's current management believes that the deal was also arranged at a price well below its "true market value." Rangers hope to recover a total of £4,106,470.83 ($5.3M) from the action. The club also wants a judge "to declare the Partnership Marketing Agreement void" (BBC, 8/12).
